PCNA just reported another profitable quarter-
(BSNS WIRE) PCNA Reports Third Consecutive Profitable Quarter
PCNA Reports Third Consecutive Profitable Quarter
Business Editors
LAKE HELEN, Fla.--(BUSINESS WIRE)--Aug. 5, 1999--The Publishing
Company of North America, Inc. (Nasdaq:PCNA) today announced that it
posted profits of $26,508, or $.01 per share, and $54,824, or $.02 per
share, for the three and six months ended June 30, 1999.
This compares to losses of ($486,993), or ($.10) per share, and
($725,844), or ($.15) per share, for the same periods, respectively,
a year earlier.
Revenues for the three and six months ended June 30, 1999 were
$1,446,711 and $2,874,9178, respectively, compared to $1,738,179 and
$3,3695,912 for the same periods in 1998. The reduced revenues were
the result of the Company's actions targeted at improving its
operating results by the elimination of some publishing agreements.
The Company's results in 1998 were significantly affected by the
results of its former subsidiary, College Directory Publishing, Inc.
("CDP"), which the Company sold in June 1998. CDP had a highly
seasonal business and posted a loss of $437,376 and no revenues in
1998 prior to its sale. Additionally, the Company posted a loss of
$220,744 and income tax expense of $70,296 relating to the sale of
CDP.
Commenting on the results, Peter S. Balise, President and
Chairman of PCNA, said, "Posting our third consecutive profitable
quarter is the result of diligent efforts that began over a year ago
to cut costs, streamline operations, and implement new directory
programs. It was prudent for us to eliminate some publication
contracts in order for us to move toward profitability even though it
meant a reduction in revenues. With these results in our print
directory business and the recent launch of our legal portal and our
online shopping mall, we look forward to the additional contribution
that our online business will make. Our e-commerce doesn't bear the
significant costs of printing and distribution. We plan to leverage
upon our print directory distribution and our relationships with bar
associations across the country as we move forward with our legal
portal, our online directory, and our online shopping mall."
The Company's results were as follows:
-0-
*T
Three months ended Six months ended
June 30, June 30,
1999 1998 1999 1998
Net sales $1,446,711 $1,738,179 $2,874,978 $3,695,912
Income (loss)
from operations $14,333 ($209,105) $32,048 ($439,990)
Interest income,
net of expense $14,379 $13,152 $24,980 $5,186
Loss from sale of CDP $--- ($220,744) $--- ($220,744)
Income tax expense ($2,204) ($70,296) ($2,204) ($70,296)
Net income (loss) $26,508 ($486,993) $54,824 ($725,844)
The following table reflects the results of the Company excluding
that of CDP and items relating to the sale of CDP:
Three months ended Six months ended
June 30, June 30,
1999 1998 1999 1998
Net sales $1,446,711 $1,738,179 $2,874,978 $3,695,912
Income (loss)
from operations $14,333 $11,566 $32,048 ($35,297)
Interest income,
net of expense $14,379 $32,913 $24,980 $37,869
Income tax expense ($2,204) $--- ($2,204) $---
Net income (loss) $26,508 $44,479 $54,824 $2,572
The Publishing Company of North America, Inc., and its wholly
owned subsidiaries, PCNA Communications Corporation and Attorneys
Online, Inc. are integrated full service providers of specialty
publishing for bar associations nationwide. While having focused
principally on print directories and related products and services,
PCNA and its subsidiary companies are aggressively pursuing its online
strategy of providing goods and services to the legal profession.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: The statements that express the "belief",
"anticipation", "plans", "expectations" and similar expressions and
the statements made above relating to the additional contribution that
the Company's online business will make, the Company's plan to
leverage upon its print directory distribution and its relationships
with bar associations across the country are forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. The
results anticipated by some or all of these forward-looking statements
may not occur. Important factors that may cause actual results to
differ materially from the forward-looking statements include the
following: 1) the Company's ability to provide products and services
that the legal profession will seek out and procure, 2) the Company's
ability to provide online products and services for the legal
profession on a profitable basis, 3) the Company's ability to attract
users to its websites, and 4) the Company's ability to effectively
provide programs that bar associations will accept and which will
effectively promote the Company's online business to their membership.
While the Company believes that these statements are accurate, the
Company's business is dependent upon general economic conditions and
various conditions specific to its industry and future trend results
cannot be predicted with certainty. Investors should also consider
information contained in documents filed by the Company with the
Securities and Exchange Commission.
--30--jd/mi*
CONTACT: The Publishing Company of North America, Lake Helen
Peter S. Balise, President and CEO, 904/228-1000
or
InterWest Associates, 949/645-8325
KEYWORD: FLORIDA
INDUSTRY KEYWORD: COMED INTERACTIVE/MULTIMEDIA/INTERNET EARNINGS
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